Shopping For A Mortgage? Why Lenders Don't Matter.

Are you shopping for a Mortgage?

Lenders don’t matter, loan officers do.

I spoke with a pleasant enough lady this week who reminded me of this fact.  She was in the process of relocating to the Phoenix area and after introducing herself, began the conversation with:

“Hello, I just want you to know that I am searching for a new loan officer.  My husband and I have used the same loan officer in Chicago for years and he was with a couple of different lenders during that time. Since we are now relocating out of state, he said that we should find a good loan officer that we like to work with – but he didn’t know anyone in Arizona to recommend, so I am left to search on my own.”

I was standing up when I took the call and I immediately sat down and began rubbing my forehead and closing my eyes while listening very carefully to what she was saying.

She went on.

“You know, I have found that mortgage rates and fees are all about the same – because trust me, I have shopped around before and it is a complete waste of time. What really matters to me is that you can deliver on whatever it is that you promise. When you tell me something, does it make sense or does it always sound like an excuse? Are people that you have helped in the past raving fans or apathetic about using you again? So tell me – why should I let you be my loan officer?”

Now was my chance!

I could tell her all about how I was the smartest, funniest, easiest-to-get-along-with, most-knowledgeable, whatever-other-good things that I could think of about me and win her over, right?

Wrong.

I first asked her if she had a pen and paper handy, and then I proceeded to give her the name and phone number of two other great loan officers in the Phoenix area who I personally think do a great job.

I then coached her on 5 questions to ask each of them.

And I concluded with the open invitation of “Ma’am, if after talking with them and learning a little more about how they work you think I can be of service, I would be happy to help you with your loan. I promise that I will work hard to earn your business and if I do a great job, I hope that over time you will start to speak about me in the same way that you speak about your current loan officer in Chicago. Is there anything else that you want to ask me? Go ahead, I will do my best to give you a great answer…”

And she said that she didn’t have any more questions.

But she did call me back on Friday and ask me what the next step was in the loan process.

And she still hasn’t asked me what company I work for.